Bitcoin has soared to a new pinnacle, recording its highest daily close ever on March 4th at $68,245, outstripping its previous high. The cryptocurrency displayed a remarkable growth spurt, seeing over an 18% rise on the weekly chart and a staggering 55% surge on the monthly chart. Analysts are split in their expectations, with some predicting even greater price levels, while others see the current peak as a possible short-term ceiling.
Analysts Offer Bullish Predictions
According to a Bitfinex research report, demand stemming from US spot Bitcoin exchange-traded funds could propel the digital currency beyond previous highs. The report forecasts a potential spike to $100,000–$120,000 by late 2024 and suggests a market peak could occur in 2025. Bitcoin recently notched up a 2.85% gain within a day, trading close to $66,799. It nearly eclipsed the $69,000 mark, missing it by a mere $150, indicating a strong psychological resistance near the all-time high.
Senior Analyst Vetle Lunde from K33 Research points to a pattern where Bitcoin’s price typically consolidates post-halving events, which take place every four years, with significant rallies ensuing the year after. Lunde predicts a 130-150% rally post-halving, potentially driving Bitcoin’s price as high as $150,000 by 2025.
Strategic Corporate Investment in Bitcoin
The surge in Bitcoin’s value coincided with the announcement from MicroStrategy, the leading corporate investor in Bitcoin, detailing their strategy to acquire more Bitcoin through a $600 million senior convertible notes offering. This plan was revealed by Michael Saylor, the company’s chairman, on March 4th.
There’s a wave of optimism among Bitcoin analysts regarding the near future. Quantitative analyst PlanB anticipates the onset of a bull market driven by FOMO, projecting it may last only 10 months. Meanwhile, Willy Woo, a respected Bitcoin analyst, believes the current rally is merely an overture to a more substantial, fundamental-driven bull market that has yet to commence.